Colorado’s Boulder Brands, Inc. has acquired 100% of the equity interests of Phil's Fresh Foods, LLC, owner of EVOL Foods. The company was purchased for $48 million, before future tax benefits. Boulder Brands is buying EVOL from founder Phil Anson and a group of investors, including Alliance Consumer Growth and an investment vehicle created by Revelry Brands and Spier Capital Management.  
 
Based in Boulder, CO, EVOL manufactures and markets premium-frozen convenience foods, such as burritos, quesadillas, entrees, bowls, and skillet meals. EVOL offers foods made with pure and simple ingredients, including those that are antibiotic- and hormone-free, and are free of artificial preservatives or flavors and made with organic ingredients. In the twelve-month period ending December 31, 2013, EVOL net sales are estimated to grow 70% to $17.0 million.  
 
For 2014, Boulder Brands expects EVOL to contribute approximately $25 million in net sales and, given EVOL is in its early stages of growth, EVOL is expected to generate $1.5 million in estimated EBITDA. On a GAAP basis, EVOL is expected to be dilutive to earnings per share by approximately $0.02 per share in 2014.  
 
Commenting on the announcement, chairman and chief executive officer Stephen Hughes stated, "While this acquisition is relatively small in size, we believe it to have significant potential for Boulder Brands, as EVOL is a category-elastic brand in an exciting segment that will further accelerate our growth rate and diversify our mix to high-growth natural brands. Consumers are demanding pure and simple ingredients in the food they buy, and retailers are in the process of renovating their freezers with healthier alternatives. With EVOL, Boulder Brands will participate in this exciting growth opportunity with a newly defined 'pure and simple' food platform."  
 
Furthermore, Mr. Hughes stated, "We see considerable revenue and platform synergies with EVOL and Udi's. EVOL has built a strong brand proven in the natural channel and a clear proof of concept in conventional retail, resulting in considerable white-space opportunity in conventional, mass and club channels. In addition, its portfolio of products is the perfect complement to Udi's wide range of gluten-free frozen baked goods. The EVOL team, led by Phil Anson, brings expertise we believe essential to building out both our EVOL and Udi's frozen platforms. This portfolio, which will include EVOL and Udi's Gluten Free frozen pizzas, burritos and entrees, will enable us to offer all retailers in North America a strategic partner to help renovate their freezer cases."